Toro Co. (TTC) Reaches New 52-Week High at $93.00
Toro Co. (NYSE:TTC) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $93.00 and last traded at $92.62, with a volume of 141,036 shares. The stock had previously closed at $91.56.
TTC has been the subject of several research analyst reports. Sidoti lowered Toro from a “buy” rating to a “neutral” rating and set a $98.00 price target for the company. in a research note on Friday, June 10th. Northcoast Research reaffirmed a “neutral” rating on shares of Toro in a research note on Thursday, June 30th. Seaport Global Securities assumed coverage on Toro in a research note on Tuesday, May 24th. They issued a “neutral” rating and a $87.00 target price for the company. Finally, Zacks Investment Research lowered Toro from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th. Five investment analysts have rated the stock with a hold rating, The company presently has a consensus rating of “Hold” and a consensus target price of C$91.33.
The company has a market capitalization of $5.08 billion and a P/E ratio of 23.42. The firm’s 50 day moving average price is $88.78 and its 200-day moving average price is $83.71.
Toro (NYSE:TTC) last issued its quarterly earnings results on Thursday, May 19th. The company reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.10. The business earned $836.40 million during the quarter, compared to analysts’ expectations of $854 million. During the same quarter in the previous year, the company posted $1.64 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. On average, equities research analysts expect that Toro Co. will post $4.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 12th. Shareholders of record on Tuesday, June 21st were paid a $0.30 dividend. The ex-dividend date was Friday, June 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.30%.
In other Toro news, Director Christopher A. Twomey sold 5,246 shares of the stock in a transaction on Monday, June 20th. The stock was sold at an average price of C$87.60, for a total value of C$459,549.60. Following the completion of the sale, the director now owns 5,246 shares in the company, valued at approximately C$459,549.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael J. Hoffman sold 125,600 shares of the stock in a transaction on Thursday, June 30th. The stock was sold at an average price of C$86.46, for a total value of C$10,859,376.00. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently modified their holdings of TTC. Vanguard Group Inc. raised its position in shares of Toro by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 3,954,420 shares of the company’s stock worth $288,949,000 after buying an additional 49,619 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Toro by 1.5% in the fourth quarter. Wells Fargo & Company MN now owns 334,077 shares of the company’s stock worth $24,412,000 after buying an additional 5,076 shares during the last quarter. Morgan Stanley raised its position in shares of Toro by 108.7% in the fourth quarter. Morgan Stanley now owns 324,205 shares of the company’s stock worth $23,690,000 after buying an additional 168,869 shares during the last quarter. California Public Employees Retirement System raised its position in shares of Toro by 10.1% in the fourth quarter. California Public Employees Retirement System now owns 179,600 shares of the company’s stock worth $13,123,000 after buying an additional 16,500 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Toro by 2.7% in the fourth quarter. Principal Financial Group Inc. now owns 177,031 shares of the company’s stock worth $12,936,000 after buying an additional 4,575 shares during the last quarter.
The Toro Company designs, manufactures and markets professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution.
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